Coal India

Coal India 

Sun TV

Sun TV 

Daily News Roundup - Nov 16 2012

Mahindra & Mahindra Financial Services has raised Rs8.67bn through a qualified institutional placement (QIP) issue. (BS) DGH has given nod to Reliance Industries to drill a well as part of the US$1.529bn plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block. (ET) Swedish truck maker Volvo AB announced its plans to invest Rs38bn in India over the next few years. Of this, Rs18bn will be invested in its joint venture with Eicher Motors Ltd. (ET) Tata Motors global sales increased 6% in October to 1,00,660 units over the same period last year. Sales of luxury brands from Jaguar Land Rover were at 27,897 units in October, up 7% from the same month last year. (ET)

Sensex, Nifty falter after a break

The Indian stock markets crumbled after a festive break outside the market. Indices slipped lower on Thursday following sharp overnight losses in the US markets amid worries of the U.S. "fiscal cliff" of potential tax hikes and spending cuts. Sell-off was not only seen in the India but across all the equity markets in Asia and Europe. Barring the Realty, Consumer Durables and the Power sectors the other major sectoral indices ended in the red. The BSE IT index was the top loser the index declined 1.8% followed by BSE Metal index was down 1.7%, BSE FMCG index was down 1.3% and BSE Auto index was down 0.9%. Even the BSE Mid-Cap index declined 0.2%. However, the BSE Small-Cap index added 0.3%.

Flat open, some buying likely

Every moment of one's existence one is growing into more or retreating into less. - Norman Mailer There seems to be no sense of urgency in lapping up stocks as sentiment continues to be impacted by a host of global factors. World markets continue to depress and the start is set to be flat. Asian markets are inching higher and this could bring some respite from the selling witnessed in recent days. Negative reports on the US economy continue. The US indices came tumbling for the fourth straight day. President Obama will discuss the fiscal cliff with Republican and Democratic leaders of Congress. Data on Thursday showed new claims for unemployment benefits rose last week. Factory activity shrank in November on account of superstorm Sandy. Federal Reserve Chairman Ben Bernanke said the Fed is willing to do what it can to help the housing market adding that though housing is rebounding, it still faces challenges.

Flat to negative start likely

Indian markets signal flat to negative start led by mixed Asian cues. SGX Nifty is also trading 8.50 points lower. Events for the day: Ex date for interim dividend of APM Industries. Headlines for the day: Sintex to raise up to $150 mn through FCCBs. RIL gets nod to drill a well in D-19 field. Kingfisher seeks more time to submit revival plan to DGCA. Karnataka Bank cuts lending rate by 0.25%.

Market may open lower

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 7 points at the opening bell. Tata Consultancy Services (TCS) announced after market hours Thursday, 15 November 2012, it is collaborating with SAP AG on development of the SAP Retail Execution mobile app version 3.0. The collaboration is based primarily on TCS' extensive experience in consumer packaged goods (CPG) industry implementation projects and mobile application product development, TCS said. PSU OMCs and auto stocks will be in focus as the country's largest fuel retailer, Indian Oil Corporation (IOC) said on Thursday state-run fuel retailers will cut petrol prices by about 1.4% from Friday. The government decontrolled pricing of petrol in 2010. "The trends in the international oil market and rupee-dollar exchange rate are being closely monitored and the same shall be reflected in future price changes," IOC said in the statement.

PSU OMCs, auto stocks in focus after petrol price cut

Shares of public sector oil marketing company (PSU OMCs) and auto companies will be in focus as India's largest fuel retailing company - Indian Oil Corporation (IOC) on Thursday, 15 November 2012, announced a Rs 0.95 per litre cut in the petrol price. The government decontrolled pricing of petrol in 2010. Petrol in Delhi now costs Rs 67.24 a litre, down 95 paise from Rs 68.19 a litre. Prices vary from city to city due to differential local sales tax or VAT rates. Biocon announced that it has entered into an option agreement with Bristol-Myers Squibb Company for Biocon's IN-105, a prandial oral insulin product candidate. Under the terms of the agreement, Bristol-Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide license to the program. Biocon will conduct clinical studies to further characterize IN-105's clinical profile accordingto a pre-agreed development program up to the completion of Phase 11.